Proficio Capital Partners LLC Takes $5.55 Million Position in Flex Ltd. (NASDAQ:FLEX)

Proficio Capital Partners LLC bought a new position in shares of Flex Ltd. (NASDAQ:FLEX - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 144,615 shares of the technology company's stock, valued at approximately $5,552,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. Huntington National Bank increased its stake in Flex by 87.9% in the third quarter. Huntington National Bank now owns 1,024 shares of the technology company's stock valued at $34,000 after acquiring an additional 479 shares during the period. R Squared Ltd bought a new stake in Flex in the fourth quarter valued at about $35,000. SBI Securities Co. Ltd. bought a new stake in Flex in the fourth quarter valued at about $38,000. First Horizon Advisors Inc. grew its stake in Flex by 23.6% during the third quarter. First Horizon Advisors Inc. now owns 1,596 shares of the technology company's stock worth $53,000 after buying an additional 305 shares during the last quarter. Finally, UMB Bank n.a. bought a new stake in Flex during the fourth quarter worth about $64,000. Institutional investors and hedge funds own 94.30% of the company's stock.

Analyst Ratings Changes

Several analysts have recently commented on FLEX shares. Stifel Nicolaus started coverage on shares of Flex in a research note on Tuesday, February 11th. They set a "buy" rating and a $52.00 price target on the stock. Barclays increased their price target on shares of Flex from $43.00 to $49.00 and gave the company an "overweight" rating in a research note on Thursday, January 30th. Finally, StockNews.com raised shares of Flex from a "hold" rating to a "buy" rating in a research note on Friday, February 14th. Five equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Flex presently has a consensus rating of "Buy" and a consensus price target of $44.33.

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Flex Stock Up 0.3 %

Shares of NASDAQ:FLEX traded up $0.11 during midday trading on Thursday, reaching $36.06. 2,382,788 shares of the company were exchanged, compared to its average volume of 3,778,124. Flex Ltd. has a fifty-two week low of $25.27 and a fifty-two week high of $45.10. The company has a quick ratio of 0.83, a current ratio of 1.41 and a debt-to-equity ratio of 0.63. The stock has a fifty day simple moving average of $39.86 and a two-hundred day simple moving average of $37.30. The firm has a market cap of $13.81 billion, a PE ratio of 14.54, a P/E/G ratio of 2.43 and a beta of 1.07.

Flex (NASDAQ:FLEX - Get Free Report) last released its earnings results on Wednesday, January 29th. The technology company reported $0.70 earnings per share for the quarter, beating analysts' consensus estimates of $0.63 by $0.07. Flex had a net margin of 3.95% and a return on equity of 17.93%. As a group, sell-side analysts forecast that Flex Ltd. will post 2.33 earnings per share for the current year.

Insider Activity

In other Flex news, insider Michael P. Hartung sold 64,807 shares of Flex stock in a transaction dated Thursday, February 6th. The shares were sold at an average price of $43.89, for a total value of $2,844,379.23. Following the completion of the sale, the insider now owns 233,526 shares in the company, valued at $10,249,456.14. The trade was a 21.72 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Lay Koon Tan sold 50,000 shares of Flex stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $43.25, for a total transaction of $2,162,500.00. Following the completion of the sale, the director now owns 202,850 shares of the company's stock, valued at $8,773,262.50. This trade represents a 19.77 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.82% of the company's stock.

About Flex

Flex Ltd. provides technology, supply chain, and manufacturing solutions in Asia, the Americas, and Europe. It operates through three segments: Flex Agility Solutions (FAS), Flex Reliability Solutions (FRS), and Nextracker. The FAS segment offers flexible supply and manufacturing system comprising communications, enterprise and cloud solution, which includes data, edge, and communications infrastructure; lifestyle solution including appliances, consumer packaging, floorcare, micro mobility, and audio; and consumer devices, such as mobile and high velocity consumer devices.